I’d simply borrowed of a quarter-million dollars and my concern ended up being simple: « just how do I pay you right back? «
The lady regarding the other end associated with phone, nonetheless, could not let me know. Ten times had passed since we finalized the papers to refinance my home and, using the vacations approaching, I became worried my very first repayment would be late. She attempted to soothe me with possibly the most misinterpreted expression regarding the refinancing procedure: « Don’t worry. You’re able to skip a payment. «
Had we heard her, it could have cost me personally 1000s of dollars. And if you should be among the an incredible number of property owners that will refinance in 2013, it may run you, too.
In case the new year’s resolution would be to conserve money or get control over your family spending plan, refinancing stays an option that is really good. However the indisputable fact that “skipping” the very first repayment can be pain free, financially speaking, is just a myth, repeated repeatedly by loan officers like mine. They generally are lying, they generally are misinformed and quite often they have been simply hoping to get an annoying borrower like me off the telephone. Read More